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India's economic recovery to be modest in near-term, says IMF's Jonathan Ostry

Updated : October 22, 2020 08:03 PM IST

The International Monetary Fund (IMF) has predicted the worst economic decline in Asia in generations due to COVID-19 and warned that rising inequality could lead to social unrest in its latest Asia Pacific regional economic outlook.

The Asia Pacific region is expected to contract by 2.2 percent - the most severe contraction seen in living memory. India is seen contracting by 10.3 percent in FY21, and China with a 1.9 percent growth forecast- is a rare positive figure in a sea of negatives. By next year, the region is seen bouncing back with a 6.9 percent growth forecast.

In an interview to Ritu Singh, Jonathan D Ostry Acting Director - Asia & Pacific Department at IMF said that Asia entered the crisis a bit earlier than the other regions and there are signs that it will emerge sooner from the ravages of the crisis.

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